In 2024, a record $1 out of every $10 spent worldwide will be on travel, as individuals eagerly book hotels, cruises, and flights, according to the latest annual report from the World Travel and Tourism Council (WTTC), a non-profit organization.
As reported by Reuters, the WTTC anticipates that the travel and tourism sector’s impact on global gross domestic product (GDP) will soar, reflecting a growing perception among consumers that travel is a vital component of their expenditures.
The WTTC further projects that the industry’s contribution to global GDP will rise by 12.1 percent year-over-year, reaching $11.1 trillion in 2024, which will account for 10 percent of the total global GDP. This marks an increase of approximately 7.5 percent from the previous record established in 2019.
Julia Simpson, CEO of the non-profit organization, remarked that despite last year’s worries regarding a potential global recession and high inflation, this year, travel and tourism are emerging as a significant economic powerhouse on a global scale.
Moreover, Travel expenditures from the United States, China, and Germany are expected to make the largest contributions to GDP. Additionally, the sector is predicted to support nearly 348 million jobs in 2024, which is 13.6 million more jobs than in 2019, the previous peak before the pandemic. The industry continues to hire actively to meet the demands of this rapidly growing field.
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